Focus on tech, FMCG stocks
- M&M - Above 870 with a target of 890 and Stop loss of 855. It has reversed from the support of upward trending line.
-JSWSTEEL - Above 415 with a target of 430 and Stop loss of 400. It has a support of 8 and 40 DMA.
- FORTIS - Above 180 with a target of 190 and Stop loss of 175. It is an upward trending channel and on the verge of a breakout.
- DMART- Above 3110 with a target of 3170 and Stop loss of 3045. It has a support of 8 and 40 DMA.
- EXIDEIND - Above 211 with a target of 217 and Stop loss of 206. It has reversed from the support of 8 EMA.
Mumbai: The market has formed a continuation formation followed by the formation of the Harami pattern which it had formed on Monday. This indicates bullishness for the market. The Sensex closed between the bearish gap, which it had left between 50,250-50,991 last Friday. The market breadth was also encouraging as along with IT and FMCG we saw bullish activity in financials.
"Based on the daily chart the Sensex is heading for the minimum target of 50,750. On the other side, 50,100 and 49,800 would be major supports. The focus should be on Technology and FMCG stocks," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.
Markets will continue to stay range-bound in the absence of any major event.